EUR News

The leading index for Germany, measuring perceptions about future economic conditions in the country, increased month-over-month in March, though at a slower rate, the Conference Board announced Friday. The coincident index also rose in March.

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European Central Bank President Mario Draghi said on Monday that the bank remains alert to the risks to a prolonged period of low inflation and expressed readiness to take action if required. At an ECB forum in Sintra, Portugal, Draghi said a prolonged period of low inflation would call for a more expansionary stance, which would also include the asset purchase programme.

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Confounding expectations, German unemployment increased for the first time in six months in May, but the labor office said it is largely due to weather related factors. The number of people out of work increased by around 24,000 to 2.91 million in May, the Federal Labor Agency reported. This was the first increase in six months and confounded expectations for a decline of 15,000.

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Mortgage approvals in Spain rose in March from a year ago, figures from the statistical office INE showed Wednesday.

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The International Monetary Fund approved $4.64 billion bailout payment to Greece after the completion of fifth review.

Deputy Managing Director of IMF, Naoyuki Shinohara said the Greek authorities have made significant progress in consolidating the fiscal position and rebalancing the economy.

The disbursements were delayed for a year amid questions over whether Greece continue its structural reforms. The lender approved the authorities' request for rephasing three disbursements evenly over the remaining reviews in 2014.

The primary budget posted surplus ahead of schedule. However, the lender observed that several challenges remain to be overcome before stabilization is deemed complete and Greece is back on a sustainable, balanced growth path.

Public debt is projected to remain high well into the next decade, despite a targeted high primary surplus.

Shinohara said additional fiscal adjustment is necessary to ensure debt sustainability, through durable, high-quality measures, while strengthening the social safety net.

He urged Greece to continue to improve tax collection, combat evasion and strengthen expenditure control. The authorities are taking remedial actions to clear domestic arrears and expedite privatization.

Further measures are needed to remove regulatory barriers and to reform investment licensing, Shinohara said.

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Slowdown in the first quarter growth and signals of weaker recovery in the quarter-ahead, amid falling producer prices, boosted hopes of policy action from the European Central Bank as early as tomorrow. Gross domestic product in the 18-nation currency bloc grew 0.2 percent sequentially, slower than the revised 0.3 percent expansion posted in the fourth quarter of 2013.

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After announcing the historic move of cutting interest rates to negative territory on Thursday, European Central Bank President Mario Draghi said the bank is not over with action in its battle against sticky low inflation and stands ready to take non-standard measures, if required.

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Germany exports increased notably in April, folowing declines in the previous two months, figures from Destatis showed Friday.

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A measure of future economic situation in France remained unchanged in April, following an increase in the previous month, a survey by the Conference Board showed Wednesday.

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Greece current account deficit in April widened as a higher services surplus and a modest shrinkage in the income account deficit, only partly offset increases in the trade deficit and the shortfall of the current transfers balance, the Bank of Greece said Friday.

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